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Article

22 Nov 2009

Author:
Andrew Ward, Financial Times

Business coalition calls for firm CO2 treaty

The private sector investment needed to tackle climate change will not be made without a binding international deal on carbon emissions, according to…Lars Josefsson, chairman of Combat Climate Change, a group including BP, General Electric, Unilever and more than 60 other large companies…"Of the money required to implement a deal… about 80 per cent – will come from the private sector. That can only come when there is a stable legal framework.” [he said]…[H]is comments reflect frustration among companies as they struggle to plan investments without knowing if and how carbon emissions will be regulated at an international level after 2012…Mr Josefsson’s group includes developing world members, such as China National Offshore Oil and Russia’s Gazprom…He said success would require detailed commitments on emissions cuts, financing to help developing countries meet the targets and support for private sector investment in green technology. [also refers to Vattenfall]